New York Markets After Hours

Russian, Kazakhstan gold reserves rising: IMF

RhiannonHoyle

The central banks of Russia and Kazakhstan continued to boost their gold holdings in July, suggesting emerging markets remain committed to bolstering their reserves of the precious metal despite a pullback in its value.

Russia, one of the world's biggest holders of gold, increased its official reserves by nearly 340,000 troy ounces in July, to 35.5 million ounces, according to data Tuesday from the International Monetary Fund.

Kazakhstan's central bank, which has also become an active buyer of gold in recent years, raised its official reserves by 45,000 ounces last month, to 5.1 million ounces, according to the data.

Central banks, largely in developing economies, have increased their gold holdings over the past few years as debt crises have put pressure on reserve currencies such as the U.S. dollar and the euro.

According to the IMF, the central bank of Ecuador also increased its reserves in July, by 10,000 ounces, while Belarus cut its holdings by 79,000 ounces.

Turkey's central bank reported a decline of nearly 138,000 ounces to the IMF, dropping its official reserves to 16.4 million ounces. Some analysts say a central-bank decision to start accepting gold as collateral from commercial banks in late 2011 has been the main cause of recent sharp movements in the country's precious-metal holdings.

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